Securities Law & Instruments


Headnote

Subsection 144(1) of the Act – Application for an order revoking an order that a swap execution facility is exempt from the requirement to be recognized as an exchange in Ontario – swap execution facility not carrying on business in Ontario – requested order granted.

In the Matter of
the Securities Act,
R.S.O. 1990, Chapter S. 5, AS AMENDED
(THE ACT)

AND

IN THE MATTER OF
TRUEEX LLC

REVOCATION OF ORDER
(Section 144 of the Act)

                WHEREAS trueEX LLC (trueEX) operates an electronic trading facility for swaps in the United States under the jurisdiction of the Commodity Futures Trading Commission (CFTC) and has obtained temporary registration with the CFTC to operate a swap execution facility;

                AND WHEREAS the Ontario Securities Commission (Commission) has, by order dated June 13, 2016 (Order), exempted trueEX, pursuant to section 147 of the Act, from the requirement to be recognized as an exchange under subsection 21(1) of the Act;

                AND WHEREAS trueEX has filed an application dated September 3, 2019 with the Commission requesting revocation of the Order;

                AND WHEREAS trueEX has represented to the Commission that it does not have any participants in Ontario, has no physical presence in Ontario, is not carrying on business in Ontario, and therefore does not require the exemptive relief provided by the Order;

                AND WHEREAS, based on the application and the representations made by trueEX to the Commission, the Commission has determined that the revocation of the Order would not be prejudicial to the public interest;

                IT IS HEREBY ORDERED by the Commission, pursuant to section 144 of the Act, that the Order is revoked. 

                DATED September 17, 2019

“Craig Hayman”

“Garnet W. Fenn”